VA Pharmacy Chain Transferring Prescriptions Amid Bankruptcy: Where Yours Could Go

VIRGINIA — Rite Aid has announced a "rolling transition" of its pharmacy assets from more than a thousand stores across the country, which will likely include its Virginia locations.

The assets will be transferred to CVS, Walgreens, Albertsons, Kroger and Giant Eagle, among others. CVS said it is acquiring the prescription files of 625 Rite Aid pharmacies in 15 states and purchasing 64 Rite Aid stores in Idaho, Oregon and Washington.

“A key priority for Rite Aid is to ensure that as many of our loyal customers as possible continue to receive the pharmacy services and care they require without interruption," Rite Aid CEO Matt Schroeder said in a statement. "These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.”

Rite Aid has not yet told customers where their prescriptions will be transferred, as the asset transactions have to be approved by the U.S. Bankruptcy Court.

A hearing on the transactions is slated for Wednesday.

On May 5, Philadelphia-based Rite Aid filed for bankruptcy for the second time in less than two years after the previous restructuring lessened the pharmacy chain's debt but still left it on unsound financial footing.

Rite Aid announced last week that it is closing 68 locations in seven states as it maneuvers through bankruptcy, including four in Virginia.

The following Virginia locations were included in the latest round of closures, according to USA Today:

• 115 Brunswick Square Court, Lawrenceville
• 144 Scottsville Center, Scottsville
• 4171 Lee Jackson Hwy. Ste 113, Greenville
• 200 Augusta Avenue, Grottoes

Rite Aid has 31 remaining stores in Virginia, including the four slated for closure, down from 64 in 2023. The chain closed several locations in recent years as part of its restructuring plan.

Rite Aid has eight million pharmacy customers.

At this time, Rite Aid Rewards points are no longer being issued, according to the company, and existing points and bonus cash will also expire per the terms and conditions. Rite Aid will also no longer honor gift cards or accept any returns or exchanges beginning June 5.

Rite-Aid is the nation's third-largest pharmacy chain behind CVS and Walgreens. All three have suffered financial difficulties and shuttered hundreds of stores in recent years.

Rite-Aid operated about 2,000 pharmacies as recently as 2023 but now has only about 1,240 stores as it enters its second bankruptcy.